Meet Shannan Monson, a former registered dietitian who began her career as a personal trainer. Her journey in the health and wellness industry started with a short-lived career as a college athlete. However, after years of working in gym settings, she realized she needed a more sustainable way to balance work, family, and financial stability. This realization led her to the world of passive income.
The Discovery of Online Income Opportunities
Shannan discovered that people were making money on the internet, a concept that was new and intriguing at the time. She decided to dive in and started selling meal plans on Instagram. The success she found was life-changing, allowing her to work from home and around her children’s schedules.
Anyone can create passive income. However, she emphasizes the importance of becoming an expert in your field. She recommends starting with one-on-one or personalized work to deeply understand your ideal customer. This understanding is the key to creating a product or service that perfectly serves a specific type of person.
The Importance of Niche Marketing
In the world of passive income, Shannan is a big fan of niche marketing. She believes that creating a product that serves one specific person well can also serve thousands more. By thinking in these terms, the potential for passive income becomes clear.
The Research Phase in Creating Passive Income
The first step in creating passive income is research. Shannan shares examples of her past clients who have had success by creating a product for one specific person. This research process involves understanding the problems your target audience faces, how your product or service can solve these problems, and the impact it can have on their lives.
Choosing the Right Passive Income Stream
There are various ways to create passive income, including eBooks, courses, and membership sites. Shannan recommends starting with a pre-sale process for a live coaching program. This approach allows you to understand the questions that arise when scaling from one-on-one to group settings and helps determine the best method of delivery.
Choosing the Right Delivery Method for Your Offering
When deciding on the delivery method for your offering, Shannan Monson suggests asking three key questions:
- Is it financially profitable? The idea might be great, but if it’s not financially viable, it might not be the best delivery method at the moment.
- Is it emotionally sustainable? Consider the amount of work required and whether it’s something you can sustain emotionally.
- Is it scalable? Your idea might be fantastic, but if it’s not scalable, it might not be the best choice for a passive income product.
Overcoming Market Saturation Concerns
Many people worry that their market is too saturated. However, Shannan argues that there’s always room for more, especially if you’re passionate about helping people. She encourages you to think about your personal success and the number of people you can realistically help.
The Value of Your Expertise
People will always pay for you to package things in a way that saves them time. Your expertise is invaluable, and people will pay for the convenience of having a professional do the work for them.
The most profitable companies in the future will be those that save people time. In our fast-paced world, time is a valuable resource, and any service that can give people back their time while still delivering the results they want will always win.
Understanding Your Ideal Customer
The first step to getting your product in front of the right people is understanding your ideal customer. Shannan Monson emphasizes the importance of being super clear on who your ideal customer is and who they are not. Once you have this clarity, it becomes easier to find them and target them.
Organic and Paid Strategies
There are two types of strategies for reaching your ideal customers: organic and paid. Paid strategies amplify what you’re already doing organically. However, most people starting out might not be ready to implement a paid ads budget, so let’s focus on organic strategies.
Organic strategies include collaborations and Instagram takeovers. If you know your ideal client’s interests and habits, you can connect with people and brands that align with those interests. For example, if your ideal client is interested in Whole 30 and Cross Fit, you could collaborate with influencers in these areas.
Most people don’t struggle with getting their idea in front of the right people, but rather with coming up with an idea for a very specific person. Once you have a clear understanding of your ideal customer, it becomes easier to know where to spend your time to get in front of people like them.